TransferMate, a b2b payments company, has landed a €30m investment from Allied Irish Banks.
As part of the investment, AIB and TransferMate have formed strategic partnership to focus on providing Irish businesses with world-leading international payments and receivables capabilities.
The collaboration said it aims to decrease international payments costs for business customers, improve cash flow for businesses with international supply chains and customers and enhance payments transparency through a technology enabled platform.
Founded in 2010, TransferMate provides businesses with a ‘faster, cheaper and easier solution’ for sending or receiving funds globally. To date, its platform claims to have seen $10bn sent to over 100 countries.
Terry Clune, co-founder and CEO of TransferMate, said, “Cross-border B2B payments can be complex, time-consuming and expensive for businesses. At TransferMate, we aim to provide the most convenient and cost-effective way for businesses to move money around the globe.
“B2B payments represent 98% of the $138 trillion of currencies traded annually cross-border. TransferMate has built a unique technology platform and we are delighted to welcome AIB as an investor and partner.”
The new investment will be used to expand its commercial teams across the USA, Canada, Australia and Europe, whilst growing its head office, commercial and technology functions in Ireland.
TransferMate has recently appointed Gary Conroy, the former MD of Realex payments, as chief commercial officer and Rafael de la Vega, former director of Global Partnerships at Intuit in Silicon Valley, as North American board advisor.
This year, more than $10.4bn has been invested across the global payments and remittances market according to data by FinTech Global. Q2 saw the majority of the total investment, with more than $5bn invested across 43.
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